Which bank account statement do I need to provide? Is it safe to submit my bank account details? | Groww (2024)

FAQs

Is it safe to submit a bank statement? ›

Bank statements include highly personal information, such as your name, account number, and address. This means that if they do fall into the wrong hands, they could be used for fraudulent activity.

Bank statements contain information that nobody wants to share willingly. But if you have to share one, share a redacted bank statement. Using reliable tools and double-checking everything before sharing them with anyone is essential.

Sharing your bank statement with third parties without verifying the receiver can put you at risk for identity theft. Your bank statement contains personal details such as your name, address, email ID as well and bank account number. Scammers can use this sensitive information to commit fraud.

Yes, it is safe to submit your bank statement for verification. However, check the legitimacy of the financial institution to avoid any bank statement fraud.

TIP! In preparation for having your documents scanned, know that financial information and account numbers can be blacked out on forms and cards such as checking account statements or ATM/Debit cards. You can use a black marker on paper statements and tape on cards to black out this information.

It is generally not safe to send your account statement to someone else, unless you trust them completely and have a valid reason to do so. Your account statement contains sensitive information, such as your account number, balance, transactions, fees, and personal details.

The good news is, almost every bank will block out the majority of the account numbers and other confidential information on the bank statement. Therefore, even if your email is hacked, you're not going to be robbed in an instant.

Statements printed in branch should be stamped and dated by the bank, however if the printed statement clearly states it has been 'printed in branch' the bank stamp and date is not required.

In most cases, it's safe to share your bank account number with: Tax filing services to pay for or receive annual tax credits. Your employer to set up direct deposit for recurring paychecks. Online payment and money transfer services such as PayPal or Zelle to deposit funds into your account.

Bank statement verification is the process of authenticating the accuracy and authenticity of a bank account statement in order to make informed financial decisions. This involves thoroughly checking that: The statement belongs to the purported account holder and matches their information.

Is it normal for a company to ask for a bank statement? ›

Many companies ask for bank statements to confirm salary amounts.

Don't share your Debit / Credit cards with any one. Don't share your personal information like Debit card details/PIN/CVV/OTP/Card Expiry Date/UPI PIN, over phone mails/e mail/SMS to anyone even though some one pretending to be bank officials. Your bank never asks for such details to customers.

They are required to verify information about a person to be able to send them payments.

Bank records can be a valuable tool for criminal prosecutors conducting official investigations. But everyone has the right to a certain level of privacy from the government's prying eyes. Before 1978, bank customers had no legal right to privacy with regard to personal financial information.

If you need to use email to send documents, please reach out to your Loan Officer. They can send you a secure email link that will protect you and your personal documents. Of course, the safest way to provide your lender with financial documents is to hand deliver them to your loan officer in person.

Can Anyone Check My Bank Statement? No one can check your bank statement without your permission. Unless you give out your account number, banks do not release information regarding your bank statement to unknown third parties without your consent.

Record Keeping: For businesses, bank statements are an essential part of financial record keeping. They provide an official record of all transactions, which can be crucial for audits, financial analysis, and legal proceedings.